Ann: September Quarter 2019 Trading Update, page-19

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rogermht

487 Posts.

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18/10/19

20:58

Post #: 40962099
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Originally posted by JoeGambler: ↑

I think the bright spot is Aristo, great to see it running at a decent run rate. Win rate still down on theoritical, so still under performing there, but good rebuild of that business. We you consider Chinese New Year etc is in the second half this could be shaping up to be a record year for Aristo if the win rate holds up.

Sadly, the weak point is DSV. What's most concerning is the continued decline in the mass market table and slots basis. Apart from the fact the high win rate saved the results, you can see that, based on total net revenue, with the net VIP business stripped out (assuming 1.8% junket commisions) the slots, non gaming and main floor segments performed very poorly.

Although visitation is only down 15% I'd guess that mass market is down much more, particularily on propery monthly averages from the past. I would guess that not only are less players comming, the ones that are might be increasingly splitting thier budgets up to visit other casinos, most likely the new the Galaxy.

new CEO only been on the job for 1Q, so let's hope VIP volumes improve and costs come down. Overall it looks to be good confirmation a turn around is in full swing at group level. NPAT in the region of A20m FY20 at this stage.

Joe

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Nothing really much to celebrate about in my view. Q3 SV made 10 mil AUD. This Q only 6.2 mil AUD.

Q4 Aristo made 4.7 mil. This Q only 4.2mil.

Earning is on the historical low side. Market might be a bit relieved from no nasty surprise like last year. We don't know about the Q2 yet. But likely to make enough to cover repayment in December if no nasty surprise in the coming 2 months..

I suspect there is still 30 mil share from ASIC waiting to be unloaded. I was expecting this to be announced during AGM as the only catalyst for a mini rally before end of the year

But looks like it will stay side way until the Singapore arbitration result sometime early next year.

There is no reason to get overly excited.

DNA Price at posting: 8.3¢ Sentiment: None Disclosure: Held
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